In its first quarterly report since its annual shareholder meeting earlier this month—when three candidates nominated by billionaire financier Carl Icahn were elected to Mentor's board following a proxy fight—Mentor Chairman and CEO Walden Rhines the board has meet once by phone and that he is confident in the board's "commitment to field value for all of our shareholders."

Rhines did not elaborate on the integration of the new board members. "Consistent with past practices, we will not discuss specifics of Board deliberations," Rhines said.

Mentor (Wilsonville, Ore.) reported sales of $230 million for the quarter ended April 30, down 25 percent compared to the previous quarter and up 27 percent compared to the year-ago quarter. Mentor reported a net loss in accordance with generally accepted accounting principles (GAAP0 of $2.4 million, or 2 cents per share, compared with a GAAP net income of $49.2 million in the previous quarter and a GAAP net loss of $23 million in the year-ago quarter.

Mentor said he GAAP loss was mostly due to non-cash charges associated with paying off debt. On a non-GAAP basis, excluding charges, the company report a net income of 20 cents per share, it said.

Mentor's results for the fiscal first quarter exceeded consensus analysts' expectations, which called for sales of $227 million and non-GAAP earnings of 18 cents per share, according to Yahoo Finance.

"Our strategy of leveraging our strength in design automation into adjacent markets is working," Rhines said. He added that Mentor saw strong growth in the first quarter from new and emerging products, and said integrated systems design products enjoying year-on-year bookings growth of 45 percent.

For the fiscal second quarter, Mentor said it expects revenues of about $210 million, non-GAAP earnings of about 5 cents per share and a GAAP net loss of about 5 cents per share. For the full year, Mentor said now expects revenue of about $1 billion, non-GAAP earnings of about $1.01 per and GAAP earnings of about 67 cents per share.

Magma (San Jose, Calif.) reported sales of $38 million for the quarter ended May 1, up 13 percent from the year ago quarter. The company posted a GAAAP net income for the quarter of $1.7 million, compared to a net loss of $728,000 in the year-ago quarter.

For the fiscal year, which also closed May 1, Magma posted sales of $139.3 million, up 13 percent from the previous fiscal year. The company posted a GAAP net loss for the year of $3.3 million, roughly flat with the previous fiscal year.

On a non-GAAP basis, excluding charges, Magma reported revenue of $6.1 million, or 9 cents per share, for the quarter.

A consensus of three analysts had pegged Magma's quarterly revenue at about $36 million and the company's non-GAAP net income at 8 cents per share, according to Yahoo Finance.

"I am as pleased with what Magma accomplished during fiscal 2011, as I have been for many years, and we also saw signs pointing to an overall healthier semiconductor landscape," said Rajeev Madhavan, Magma's chairman and CEO. "We closed nearly 50 transactions during the year at levels greater than half a million dollars."

Madhavan said Magma added 41 new customers during the fiscal year, with 12 coming in the fourth quarter.

For the current quarter, Magma said it expects revenue to decline to between $36 million and $36.5 million. The company expects to report a GAAP net loss of 3 to 4 cents per share, Magma said. For the fiscal year, Magma said it expects sales of $158 million to $160 million, with GAAP net income of 4 to 6 cents per share.